Confused about the budget? Here, we break it down. Who won. Who lost. And by how much.
Working families with young kids.
The Government’s long-promised childcare package will mean more money for many families from 2017, but will strip others – including stay-at-home mothers – of nearly all the childcare assistance they currently receive.
Some families will be better off by up to $1500 a year, with the package expected to put $30 a week back into the pockets of families earning up to $165,000 a year.
The model includes a means-tested single payment and direct payments of $110 per day to childcare centres for the baseline costs of service provision. Costs above that would be met by the family.
If pictures are more your thing, check out this handy 2015 Budget infographic: Cos’ everything is better in pictures.
But stay-at-home mothers in households with income greater than $65,000 a year face losing most of their current subsidy unless they meet a minimum weekly work or study requirement.
Budget measures include increasing access to childcare in disadvantaged communities, helping families with disabled children and guaranteeing four-year-olds preschool spots.
Unemployed young people.
The waiting time for unemployment benefits for people under the age of 25 will be cut from six months to just four weeks as part of a $330 million unemployment package.
The announcement appears to be an about-turn on a proposed six-month wait for jobseekers under 30, a controversial measure in last year’s budget.
Funds will also go towards helping young jobseekers struggling with mental health problems, young migrants, encouraging school-leaves to enter work or training and a youth transition to work program targeting those at risk of long-term welfare dependence.
Small businesses owners.
Small businesses with an annual turnover under $2 million will receive a tax cut of 1.5 per cent and small unincorporated businesses will get a 5 per cent tax discount. The Government will also allow small businesses to immediately deduct assets costing under $20,000 purchased between Budget night and 30 June 2017.
The Government will fund $1.3 billion worth of new and expensive medications – including new generation cancer drugs – through listing on the Pharmaceutical Benefit Scheme.
$400 million over four years will go towards medical research.
People on common prescription medications.